26 (2024) 162 taxmann.com 730 (DelhiTrib)
Genus Power Infrastructure Ltd. vs. ACIT
ITA Nos.: 2573 & 2680(Del) of 2023
A.Y.: 2010–11
Dated: 10th May, 2024
S. 115JB, 147–Reopening under section 147 is not maintainable where MAT liability would not get disturbed on correct application of law and tax on such book profits exceeded the total income determined as per the normal provisions of the Act.
FACTS
For AY 2010–11, the assessee filed its return of income on 23rd September, 2010 declaring total income at Nil. The case was subjected to regular assessment vide order under section 143(3) dated 28th March, 2013 and income was assessed at ₹8,71,08,200 and book profit under section 115JB at ₹31,04,38,156.